Pro-Crypto Senator Lummis Says Stablecoins Should Be Audited — CoinDesk

The two largest stablecoin issuers – Circle and Tether – have revealed that their products were backed by a combination of cash, cash-like products, short-term securities and commercial paper. In attestations published earlier this year, Tether executives announced that roughly half of Tether’s reserves are held in commercial paper, while Circle said its reserves are largely comprised of cash and highly liquid money-market funds.